Tuesday May 2, 2017 0 comments
ARVADA -- Prescient, a fully integrated and patented design, engineering, manufacturing and installation solution for the construction industry, today announced the appointment of former General Electric (GE) executive Magued Eldaief to the position of CEO.
Eldaief succeeds Satyen Patel, who will continue as Prescient’s executive chairman.
“I have known and worked with Magued for nearly 20 years in a variety of executive roles, and I am confident he will add tremendous value to Prescient and its evolution as an innovative, fully integrated solution platform for the commercial construction industry,” said John Rice, GE vice chairman.
Prescient said Eldaief brings a wealth of experience to his CEO role. A multilingual and multicultural executive with broad experience in the energy industry, Eldaief spent 27 years at GE where he held positions of increasing responsibility.
He managed large construction projects throughout his tenure at GE and had significant exposure to numerous divisions and functions throughout the organization including: sales and marketing, strategic planning, project structuring, EPC (engineering, procurement, and construction), services, and regional and global business unit leadership.
Eldaief has also served as a member of Prescient’s advisory board since 2015.
“Considering the opportunity to change the face of construction through a genuine end-to-end digital solution from concept to commercialization, I am extremely energized and proud to be leading Prescient,” Eldaief said.
Eldaief’s senior management positions at GE included:
- Director, India Region, GE Energy.
- Region Executive and General Manager, Africa India Middle East, a $500 million business for GE Energy based in Dubai.
- General Manager Europe, Energy Services, GE Energy, based in London. In this position, Eldaief tripled that business in three years to more than $1 billion.
- President and Region Executive, Asia Pacific, for GE Energy in Singapore. In this position, he led all of GE’s energy activities, a $2 billion market.
- Executive Director, Global Accounts, GE Energy. In this position, Eldaief led top 50 utility and oil and gas global accounts in the U.S., Latin America, Europe, Middle East and Asia totaling $6.5 billion for GE Energy. During this time, he also led the engineering, procurement and construction (EPC) partnering channel globally, a business which represents $8 billion annually.
- In 2012, he was named as CEO EMEA for the Industrial Solutions division of GE Energy Management and was subsequently the Chief Commercial Officer of that $4 billion business until 2015.
- Most recently, he led the transmission and distribution (T&D) integration activities for Alstom’s power and grid business, a $10 billion GE acquisition made in 2015.
Eldaief received a Bachelor of Science degree in Mechanical Engineering from the American University in Cairo in 1987 and an MBA from Rensselaer Polytechnic Institute in Troy, N.Y., in 1992.
“We are delighted to welcome Magued to the team. His extensive operating experience across global markets will be invaluable as we target the U.S., NAFTA, and International markets,” said Patel.
“Prescient is poised to make significant inroads into the $1 trillion segment of the U.S. multi-unit housing & construction industry. We are confident in Magued’s ability to guide and accelerate our growth in the years to come,” he added.
Prescient said it has doubled revenue each year since 2013 and expects to do so again in 2017. From 2013 through 2016, the company focused on building multi-unit housing across Colorado, Florida, Nebraska, Missouri and Texas.
In 2017, the company said it will expand its building footprint into Georgia, Illinois, Kansas, Kentucky, New York, North Carolina, Ohio, Oklahoma and Tennessee.
Prescient said it built 3 million square feet of multi-unit housing from 2013 to 2016 and will equal that in 2017 alone.
The company’s current project development pipeline exceeds 10 million square feet, which equals more than $300 million for delivery in 2018 and 2019.
Prescient said it receives requests for proposals of more than 1 million square feet per week. As a result, the company recently doubled the size of its Colorado manufacturing facility and is bringing a second plant online in North Carolina later this quarter.